Aussie Expats - Find Your Unclaimed Super
As of 30 June 2017, there are more than 6.3 million lost and unclaimed super accounts, including those held by the Australian Tax Office (ATO), with a value of just shy of A$18 billion. If you’ve ever had more than one job in Australia, or even changed your name or address, then chances are some of this could be yours’ and it’s time to find it and take control.
Your superannuation may be a key aspect of your retirement savings, even if you are currently an Australian expat not planning to return to Australia any time soon. It is also likely to remain one of the most tax-effective sources of retirement income for those of us planning to live out our golden years in Australia, so it’s important to keep track of it.
We know that life can get busy as an Aussie expat, and that tracking down your superannuation may not be the most exciting part of your week, but if I were to offer you $1,000 to spend 5 minutes on the ATO website, would it be something at least worth considering..?
How exactly do I find my lost superannuation accounts?
The Australian Government has set up myGov, an online portal to allow you to access our Australian Government services. Here’s how you can set up your own myGov account if you haven’t done so already.
1. Setting up your myGov Account
Head on over to my.gov.au and follow the links to ‘Create Your Account’. This should be quite straight-forward, but if you have any trouble at all, feel free to contact me or the myGov helpdesk at this link.
2. Linking your Superannuation and Tax information
Once you have been through the process of setting up your myGov account and logged in, you can click on the ‘Services’ tab. You will then be able to scroll down and click on the ‘Link’ icon next to the ‘Australian Tax Office’. You’ll then need to go through the ATO authentication process and you’ll need your Australian Tax File number.
If you don’t have your Australian Tax File number, you can call the Australian Tax Office on 13 28 61 (please add +61 if you’re calling from overseas) and with some simple ID verification, they will be able to provide you with this number.
3. Accessing the ATO Online Portfolio
Once you have successfully linked the tax service to your my.Gov account, you can click on the ‘Australian Tax Office’ button under ‘my linked services’. You will be taken to a screen where you can click on the ‘Super’ tab, which will allow you to view your superannuation accounts, including balances, account numbers and the registered name and address on file for you.
If you’re working with a financial planner, then with the account information and signed authority from yourself, they will be able to conduct a complimentary review of your superannuation accounts to provide you with the best advice to consolidate your super and ensure it’s aligned with your financial goals.
4. Consolidating your superannuation
Now that you’ve found your lost superannuation accounts, you can start with a small celebration (this may depend on how much you’ve found). Then it’s time to look to consolidate your super into one account and even look to rollover to an appropriate platform. Here we would recommend consulting a professional Adviser who is licensed and experienced in Australia to review your options and advise you on the best course of action.
If you believe there are superannuation accounts that are not being displayed on your myGov account, you may wish to speak to previous employers to discuss which super providers were used and contact them directly.
To your financial success!
Jarrad Brown is an Australian-trained and qualified Fee-Based Financial Planner with Australian Expatriate Group, division of Global Financial Consultants Pte Ltd providing specialist financial advice and portfolio management services to Australian professionals in Singapore. Jarrad Brown is an Authorised Representative of Global Financial Consultants Pte Ltd - No: 200305462G | MAS License No: FA100035-3
Australian Expatriate Group is a division of Global Financial Consultants in Singapore providing specialist advice to Australians living abroad.
To learn more about how we may be able to help you, please contact us:
✆ +65 8282 5702
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General Information Only: The information on this site is of a general nature only. It does not take into account your individual financial situation, objectives or needs. You should consider your own financial position and requirements before making a decision.
*Please note that Jarrad Brown is not a tax agent or accountant and none of the content outlined here should be taken as personal advice. You should consult your tax agent and financial adviser to review your current personal finances and financial goals to consider whether this strategy is appropriate for you.
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